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Data show US inflation slowed to 7.1% last month from 7.7% in October which bolstered investors’ expectations that the Fed will downshift to an increase of 0.50 percentage points on Wednesday.

14 Dec 2022, 08:29:40 AM IST

Bankman-Fried’s Arrest in Bahamas Sets Up US Extradition Fight

At his press conference on charges against Bahamas-based FTX founder Sam Bankman-Fried, Manhattan US Attorney Damian Williams said the case shows “you can commit fraud in shorts and t-shirts in the sun."

But Williams didn’t address how US authorities plan to get Bankman-Fried back from his tropical locale to face the eight-count indictment unsealed against him Tuesday in New York federal court.

In his first appearance since his arrest Monday evening, Bankman-Fried told a Bahamian judge at an arraignment Tuesday that he wouldn’t waive his right to an extradition hearing. A defense lawyer said Bankman-Fried planned to fight being sent to the US. (Bloomberg)

14 Dec 2022, 08:16:04 AM IST

BoB proposes to sell its majority stake in Nainital Bank

State-owned Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Nainital Bank.

The board of directors of the bank has approved the divestment of its majority shareholding in Nainital Bank Limited (NBL), and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties (IPs), the lender said in a regulatory filing.

BoB currently holds 98.57 per cent of the total equity share capital of NBL.

Details about the process of the transaction are given in the PIM, which will be published on Wednesday for inviting EOI from bidders, it said. (PTI)

14 Dec 2022, 08:15:26 AM IST

Sula Vineyards IPO subscribed 59 pc on Day 2 of offer

The initial public offer of Sula Vineyards was subscribed 59 per cent on the second day of subscription on Tuesday.

The IPO received bids for 1,10,99,256 shares...

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